DENC: what changed
DENC
Largest movements
- Cash +€6,720
up €6,720 (+7.6%), from €87,948 to €94,668
mainly Other debts (+€30,955) and Depreciation (+€17,647)
- Receivables within one year +€6,304
up €6,304 (+84.7%), from €7,442 to €13,745
of which Other amounts receivable: +€13,745
- Tangible fixed assets -€5,647
down €5,647 (-5.1%), from €111,000 to €105,353
of which Land and buildings: -€8,736
- Deferred charges and accrued income +€3,132
new in 2025: €3,132
- Other debts +€30,955
up €30,955 (+847%), from €3,654 to €34,610
- Reserves -€22,839
down €22,839 (-15.9%), from €143,815 to €120,977
- Debts after one year -€11,721
down €11,721 (-23.0%), from €50,928 to €39,206
- Trade debts +€9,033
up €9,033 (+356%), from €2,536 to €11,570
- Tax, wage and social debts +€4,378
up €4,378 (+513%), from €854 to €5,232
of which Taxes: +€4,374
- Gross operating margin -€14,582
down €14,582 (-28.4%), from €51,280 to €36,698
- Taxes -€13,845
down €13,845 (-76.5%), from €18,100 to €4,255
- Other operating charges -€2,380
down €2,380 (-34.3%), from €6,941 to €4,561
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €214,870 | €223,314 | +€8,445 | +3.9% |
| Fixed assets | 21/28 | €111,590 | €105,943 | -€5,647 | -5.1% |
| Tangible fixed assets | 22/27 | €111,000 | €105,353 | -€5,647 | -5.1% |
| Land and buildings | 22 | €79,360 | €70,624 | -€8,736 | -11.0% |
| Plant, machinery and equipment | 23 | €11,181 | €9,139 | -€2,042 | -18.3% |
| Furniture and vehicles | 24 | €20,459 | €25,590 | +€5,131 | +25.1% |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €103,280 | €117,371 | +€14,091 | +13.6% |
| Stocks and contracts in progress | 3 | €7,890 | €5,826 | -€2,064 | -26.2% |
| Stocks | 30/36 | €7,890 | €5,826 | -€2,064 | -26.2% |
| Amounts receivable within one year | 40/41 | €7,442 | €13,745 | +€6,304 | +84.7% |
| Trade receivables | 40 | €7,442 | - | -€7,442 | |
| Other amounts receivable | 41 | - | €13,745 | +€13,745 | |
| Cash at bank and in hand | 54/58 | €87,948 | €94,668 | +€6,720 | +7.6% |
| Deferred charges and accrued income | 490/1 | - | €3,132 | +€3,132 | |
| Total equity and liabilities | 10/49 | €214,870 | €223,314 | +€8,445 | +3.9% |
| Equity | 10/15 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Reserves | 13 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Distributable reserves | 133 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Amounts payable | 17/49 | €71,055 | €102,338 | +€31,283 | +44.0% |
| Amounts payable after more than one year | 17 | €50,928 | €39,206 | -€11,721 | -23.0% |
| Financial debts | 170/4 | €50,928 | €39,206 | -€11,721 | -23.0% |
| Amounts payable within one year | 42/48 | €20,127 | €63,131 | +€43,004 | +214% |
| Current portion of amounts payable after more than one year | 42 | €13,083 | €11,720 | -€1,362 | -10.4% |
| Trade debts | 44 | €2,536 | €11,570 | +€9,033 | +356% |
| Suppliers | 440/4 | €2,536 | €11,570 | +€9,033 | +356% |
| Taxes, remuneration and social security | 45 | €854 | €5,232 | +€4,378 | +513% |
| Taxes | 450/3 | €307 | €4,681 | +€4,374 | +1,427% |
| Remuneration and social security | 454/9 | €547 | €551 | +€4 | +0.7% |
| Other amounts payable | 47/48 | €3,654 | €34,610 | +€30,955 | +847% |
| Non-recurring operating income | 76A | €3,456 | - | -€3,456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,567 | €17,647 | +€80 | +0.5% |
| Other operating charges | 640/8 | €6,941 | €4,561 | -€2,380 | -34.3% |
| Gross operating margin | 9900 | €51,280 | €36,698 | -€14,582 | -28.4% |
| Operating profit (loss) | 9901 | €26,773 | €14,490 | -€12,283 | -45.9% |
| Financial income | 75/76B | €709 | €352 | -€357 | -50.4% |
| Recurring financial income | 75 | €709 | €352 | -€357 | -50.4% |
| Financial charges | 65/66B | €2,055 | €1,890 | -€166 | -8.1% |
| Recurring financial charges | 65 | €2,055 | €1,890 | -€166 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €25,426 | €12,952 | -€12,474 | -49.1% |
| Income taxes | 67/77 | €18,100 | €4,255 | -€13,845 | -76.5% |
| Profit (loss) for the period | 9904 | €7,326 | €8,697 | +€1,371 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,326 | €8,697 | +€1,371 | +18.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.